India Ranks Second In e-Wallet Usage Among APAC Countries

A study conducted by ACI worldwide reveals that 40% of Indian consumers surveyed used e-wallet services; this is second to China that ranks first with 70%.

Over 60 percent of consumers surveyed in India use both desktop and mobile devices to make e-Commerce purchases, the survey revealed.

The study also pointed out that e-wallets and mobile payment tools are increasingly being used by Gen Y consumers aged between 25-34 years old.

Following are the applications of e-wallets and mobile payments with its responsible adoption rates in India: Mobile recharges—60%, online shopping—58%, utility payments—58%, paying for taxi services—52%.

When asked about the reason behind the usage of e-wallets, Indian users responded in the following manner: To enjoy faster and more efficient payments—47%, trust in online payments—21% and better rates compared to other methods of payment—15%.

“The importance of faster speed and higher efficiency (48% in India and 47% in Asia Pacific), and better rates (28% in India and 15% in Asia Pacific), while choosing new methods of payments, was stronger in India compared to other countries in Asia Pacific,” the report stated.